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Source: Newsmaker.id
Brent crude prices were little changed on Thursday as investors assessed the possibility that the United States could ease restrictions on the global “shadow fleet” of tankers. Meanwhile, ongoing conflict in the Middle East continued to keep a geopolitical risk premium in energy markets.
Brent settled 14 cents, or 0.13%, lower at US$105.92 per barrel. In contrast, West Texas Intermediate (WTI) crude surged US$2.88, or 3.03%, to settle at US$97.97 per barrel, supported by a sharp decline in US crude inventories.
Discussions over the shadow fleet came just days after President Donald Trump temporarily eased sanctions on Russian diesel fuel in an effort to contain rising global energy prices. Washington is now considering allowing oil deemed legal to be transported on vessels that had previously been sanctioned.
The US Department of Energy said any easing of sanctions on shadow fleet vessels would not be intended to help Russia increase shipments of crude oil or petroleum products. The potential move is instead aimed at improving energy flows and easing pressure on global shipping costs.
On the inventory front, the Energy Information Administration reported that US crude stocks fell by 8.6 million barrels to 415.6 million barrels in the week ended October 9. The decline was far larger than market expectations for a draw of only around 288,000 barrels, providing strong support for WTI prices.(mrv)
Source : Newsmaker.id